Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 47 - AT - Income TaxDeduction u/s 80IB(10) - undisclosed receipts/income surrendered during the course of survey - business income OR income from other sources - HELD THAT:- There could be no presumption that surrendered amount would represent business income of the assessees. Unless and until assessees satisfies the authorities below that assessees have complied with the conditions of Section 80IB910) while earning the impugned undisclosed income, assessee would not be entitled for such benefit as per Law. Authorities below have rightly concluded that impugned undisclosed income is income from other sources. Since assessee failed to prove through any evidence or material on record that undisclosed income has any nexus with any housing project of the assessee therefore, assessee would not be entitled for deduction under section 80IB(10). No error in the Orders of the authorities below in denying the deduction under section 80IB(10) on the undisclosed receipts so surrendered for taxation during the course of survey. There is no merit in both the appeals of the assessee. Appeals of the Assessee are dismissed.
|